LADERA RANCH, Calif., Sept. 11, 2020 /PRNewswire/ — Strategic Storage Trust IV, Inc. (“SST IV”), a public non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced a $9.2 million expansion of its term loan with TCF National Bank.
“The expansion of our existing loan allows us to continue pairing attractive financing with our growing portfolio of high-quality self storage assets,” said H. Michael Schwartz, Chief Executive Officer of SST IV. “This transaction also allows us to expand our relationship with TCF National Bank, who continues to serve as a valued source of financing and has played a key role supporting the growth of portfolio.”
Pursuant to the loan amendment, the Punta Gorda, Florida-based 800-unit self storage facility acquired in June was added as collateral to the loan agreement, which expanded the loan by $9.2 million for an aggregate loan commitment of approximately $41.0 million.
About Strategic Storage Trust IV, Inc.
SST IV is a public non-traded REIT that focuses on the acquisition of stabilized and growth self storage properties. SST IV wholly owns 24 self storage facilities comprising approximately 18,000 self storage units and 2 million net rentable square feet of storage space, as well as one operating property and four parcels of land under development in joint ventures in the Greater Toronto Area with SmartCentres REIT, one of the largest real estate investment trusts in Canada.
About SmartStop Self Storage REIT, Inc. (SmartStop)
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 380 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs, including Strategic Storage Trust IV, Inc., a public non-traded REIT, and other private programs. SmartStop is the tenth-largest self storage company in the U.S., with approximately $1.6 billion of real estate assets under management, including an owned and managed portfolio of 144 properties in 19 states and Toronto, Canada and comprising approximately 96,000 units and 10.9 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
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SOURCE Strategic Storage Trust IV, Inc.